New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-08-04
ANOTHER CRASH IN WHEAT.
COLLAPSE OF THE SAN FRANCISCO POOL.
THE NEVADA BANK SAID To DE EMBARRASSED
WAITING FOR JOHN w. MACKAY
IaY rgLHGRAPa TO THE TRIBUNAL

THE NEVADA BANK SAID To DE EMBARRAssED-
WAITING FOR JOHN W. MACRAY.
fBY TELEGRAPH TO THE TRIRuSa
San FRANCISCO. Aug 3.-The wheat ring collapsed to
day William Dresbach tho osensible head OF the bull
| syndicate being unable to meet his contracts,
and the Call Board of the Produce Exchange
has temporarily suspended business Rumors Of
all kinds extaut Of the position OF the Nevada Bank,
and several instances quoted where recently their
bills Of exchange have been refused by lead
Ing business men. knowledge that they
have been borrowing money right and left
has caused much excitement Vice President Brander,
however denies that they affected by todays crash
The Hbernia Savings Bank and the German sav-
ings and Loan Institution have been Offering 5
per cent for call loans, which, II b said they have been
advancing to cornsred bulls at the rate of per
The amount Of wheat the "longs" shouldering at
present is variously estimated the figures being
somewhere in the neighborhood OF 100000 tons
in Liverpool 100000 tons on the way and In other
quarters and at least 100000 tons contracted for In the
country This will give total OF what is on hand in
cudng $4,000 tons handin warehouses August
1887 OF $4,000 TONS which has cost them all the
way from 81 7s 81 10 to pack This OF grain
takes a capital of at least S19,0O0.O0O. which
is consequently tied up Their chief dependence of late
has been upon the money squeezed from
the short element but this has trivial in comparison
with the daily requirements for the support of the
ket.
Local banks outside Of the Nevada Bank have pursued
conservative IN the matter and have
steadily refused to interfere. collateral put
up by the ring for the advances
has been mostly certificates Of wheat on hand The
pool forced to take 10000 tons of wheat yesterday
and that Ia what broke their financial back One OF tne
largest shareholder in leading bank which had leaned
heavily to the pool with wheat collateral Is
said to have shut down its loans and as
money could be procured elsewhere nothvs but fall
stared tho syndicate in the face and specially as
there remained los, 900 tons still to be cared for
Mr. Baldwin. Of Blum. Baldwin & Ghvin, expressed
himself clearly the situation: "The only dehnquen
go far as known are william presbach and John
Rosenfeld Their contracts stand at w 10 per
GENITAL Finding 1t imposoiuie 10 take up these
contracts they paying for the wheat "nen
decided ask for time. which wo gave them 'ns morn
Ing by the adoption Of q resolution suspending our
portions In rue call pvard until settlement was arrived
at They now propose 70 seo % Hn .nS s,,. ,oD~ Dsr
ready for delivery and tender further to pay 25
per Genital which would leave the price standing with
BALANCE e, due % at " 9 This in
one-ourth In October oneourth In November and tho
final onefourh In Decemoer They also propose 70 pH az
deferred payments together With the customary storage
aud the Insurance charges. To secure the margin OF
thiryavs cents per ton they propose to deposit ample
ask sellers to carry the wheat in their interest and pay
A called meeting of Dresbachs ere itors was held
this afternoon aud ProPosTI1sG1n Ts1 nsslss y
present tho sccond heavy failure though the result can
be foreseeu Pool members are auxiousy awaiting the
arrival OF John w. Mscksy at Ncw-1ork where ne is
due from England Saturday next They expected 70
get funds from him sufficient TO further ease their fal
throurSout tho state and the collapse is generally
garded with feeling OF relief.